Fiddler Secures Strategic Investment from Amazon Alexa Fund to Accelerate AI Explainability

Investment to enhance explainable AI and ML monitoring capabilities with the goal of democratizing responsible AI development.

PALO ALTO, Calif., Aug. 25, 2020 /PRNewswire/ -- Fiddler today announced a strategic investment by the Amazon Alexa Fund to advance its explainable monitoring solution. Fiddler and the Alexa Fund will collaborate to advance actionable insights in AI, giving businesses complete and continuous visibility into their production AI systems to ensure high-performing, responsible, and transparent AI solutions.

Fiddler recently launched its ML Monitoring suite, with capabilities including detecting data changes and anomalies, and ensuring that data integrity is maintained. These capabilities are coupled with Fiddler's industry-leading Explainable AI Platform to efficiently and effectively explain, analyze, and resolve MLOps production monitoring issues.

"AI models help businesses get powerful insights, but these models are only effective forecasters if users are able to understand how their models work and if they are trustworthy and reliable over time," says Fiddler's Founder & CEO, Krishna Gade. "Fiddler is the first startup to bring true explainability and continuous monitoring to the enterprise, enabling companies to effectively and responsibly manage their AI solutions at scale. An Explainable ML Monitoring system extends traditional monitoring to provide deep model insights with actionable steps. Users are able to understand the problem drivers, root cause issues, and analyze the model to prevent repeat issues."

"Fiddler is building services that are key to the evolution of explainable AI, as the company works to demystify the 'black box' of AI in industry verticals including financial services and social networking," said Zain A. Gulamali of the Amazon Alexa Fund. "The Fiddler team is one of the strongest we've seen positioned to tackle this challenge, and we are excited to support the company as it continues to grow and address explainable AI in areas such as voice and conversational interfaces."

Fiddler was founded in October 2018 by CEO Krishna Gade, and CPO Amit Paka, with the mission of making AI trustworthy for all enterprises. Gade and Paka believed that there was a need for a new kind of Explainable AI Platform that would enable organizations to get ahead of key issues around AI operationalization and lack of transparency with AI systems. Fiddler has achieved accelerating momentum as the industry turns an eye to responsible and ethical AI. The company has recently been recognized for its industry-leading capabilities and innovation as a Technology Pioneer of 2020 by the World Economic Forum, one of Forbes' companies to watch on its 2020 AI 50 list, and a 2019 Cool Vendor in Gartner's Enterprise AI Governance and Ethical Response Report.

The company recently announced a strategic partnership and funding from Lockheed Martin, and has raised a total of $14 million, including a $3 million seed round raised in October 2018 led by Lightspeed with participation from Bloomberg Beta and Haystack. They additionally raised $10.2 million in Series A funding led by Lightspeed and Lux capital, with continued participation from Bloomberg Beta and Haystack. Fiddler is working with a range of customers across industries, from Fortune 100 companies to startups in the emerging technology space.

About Fiddler Labs
Founded in October 2018, Fiddler's mission is to enable businesses of all sizes to unlock the AI blackbox and deliver trustworthy AI experiences to end-users. Fiddler's next-generation Explainable AI Platform and industry-leading ML Monitoring solution enable data science, product, and business users to explain, monitor, and analyze their AI solutions, providing transparent and reliable experiences to customers. Fiddler works with pioneering Fortune 500 companies as well as emerging tech companies. For more information, please visit www.fiddler.ai or follow us on Twitter @fiddlerlabs.      

About the Amazon Alexa Fund
The Alexa Fund is Amazon's venture capital fund investing in artificial intelligence, voice technology, frontier tech, robotics, and IoT. Since 2015, the Alexa Fund has invested in approximately 90 companies globally across consumer, enterprise, healthcare, and other verticals. It invests in early-stage startups and growth-stage companies across the globe. Companies backed by the Alexa Fund include CTRL-labs (acquired by Facebook), Ring (acquired by Amazon), ecobee, Greenlight Financial Technology, SevenRooms, Syntiant, tado°, Owlet Baby Care, June, Comet.ml, and Kitt.ai (acquired by Baidu).

Media Contact
media@fiddler.ai

SOURCE Fiddler Labs